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It should come as no surprise that business leaders have a lot of responsibilities. To keep their organization productive and profitable, they would have to consider all variables and angles that could impact not only their work but the work of those they manage. What would help immensely with a leader’s tasks would be integrating a capable sales team that is on the same page with all the other departments as well as their customer base.
Ultimately, selling products and services is the backbone to what keeps the lights on for many companies. By establishing a reliable CRM solution, key sales teams will be able to get remote and mobile access to all the essential information. Let’s take a deeper dive into what CRM is.
What is Customer Relationship Management (CRM)?
Customer Relationship Management (CRM) is a strategy used to understand customers and their many requirements (what customers need, how to market to customers, how to effectively communicate, etc). This thinking leverages management techniques to maximize marketing and customer service capabilities to build strong relationships with pre, current, and potential customers.
In other words, CRM helps businesses build relationships with their customers, which in turn creates loyalty and customer retention. A CRM tool creates a simple user interface for data collection to help the management team identify and communicate with customers in an accessible way.
According to Gartner, CRM software totaled $26.3 billion in 2015 and predicts that figure will continue to rise through 2018.
We recommend CRM to be a part of your strategy, as it is integral to making and sustaining a winning business model. Small businesses and even freelancers can benefit from CRM processes as well. After all, who wouldn’t want to increase their customer retention and profits?
Benefits of CRM Solutions
Some key benefits of CRM Solutions:
- Increased understanding of the customer base
- Easier management of customer contact information
- Enhanced customer retention
- Access to customer data for sales teams
- Better management of sales pipeline or territory results
- Improved customer experiences
- Improved handling of leads, prospects, and productivity
- Attract new customers, clients, and contracts
- Execute relevant marketing programs
- Increased efficiencies and decreased costs
- Optimized product mix sold to customers
- Improved accuracy of sales forecasts
Types of Customer Relationship Management
There are many different types of CRM software in the market. However, most CRM software focuses solely on a major category listed below. While these categories are critical to customer management, having multiple perspectives of engagement would further reduce any chance of inefficiencies.
The main function of analytical CRM is to analyze customer data so that management teams can better understand market trends and to a further extent: customer requirements. Ultimately, analytical CRM aims to improve customer satisfaction.
Operational CRM usually has to do with one of three types of operations: sales, marketing, or service. Operational CRM is an important tool for lead generation because it is often related to historic customer data such as: previous marketing campaigns, purchases, and satisfaction rates.
A Collaborative CRM happens when companies share information about customers with external companies and businesses. This is an excellent fitting for markets where innovation and new product development are paramount for success since additional data creates a very detailed view into the consumer landscape.
How to Choose the Right CRM Solution
CRM solutions come in all shapes and sizes. An effective CRM system will help businesses create a better experience for their employees and customers. It will equip business teams with the proper tools for sales efforts, marketing campaigns, meeting notes, order history, and service issues. These valuable capabilities will impact each customer ensuring that each engagement effort is treasured and productive.
Implementing CRM strategies for business use can appear to be a time consuming and expensive process. Rest assured, however, for it can be a very strong potential for return on investment.
CRM ensures that companies do not waste time and money applying the wrong approaches that aren’t suitable for their customers. Due to the potential of having so much data-driven precision, companies can maximize their sales and development capabilities.
For more information, discover how Plasma’s managed services can offer your organization the ability to boost workflow efficiencies and increase productivity. Call toll free at 1-800-852-0927 or click the button below.